Fortescue says executive exodus reflects green shift

Rio has been battling with a surge in production costs while iron ore prices continue to slide.

Mining companies have been particularly hard hit by the strike.

Commodity markets were given little to cheer about in President Xi Jinping’s address to the Communist Party Congress.

The environment is still not optimistic and the industry faces a “severe market situation”, the China Iron & Steel Association warned.

Negotiations to reach a pay deal have been unsuccessful, even after the government and an arbitration body joined the discussions between Transnet and its biggest labor unions.

The strike action has severely reduced staff at key ports that export iron ore and coal from South African mines and placed shipments of agricultural goods at risk.

Prices set to end 2022 around $100 a tonne, dip further in 2023.

Chairman Andrew Forrest launched FFI in 2020 with an ambitious goal to produce 15 million tons of green hydrogen by 2030.

Dalian iron ore slumped to three-week low.